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Dec 3, 2012
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there were deficits, unemployment, just like it was today, horrible. but he made a statement that changed everything. it was this. i'm going to keep my promises and if i don't keep my promises, get me the hell out of there. we want to see more politician do this. make all these promises and don't follow through. if they did that, i have a thing called accountabilitycampaign.com where you say what your promises are. and add a small paragraph, i will do it my first year, start it my first year and tell you why i couldn't or resign. >> so you can with the accountability campaign you want to encourage transparency. >> full transparency and accountability. if my ceos or i myself didn't do what i promised or delivered i shouldn't have my job. get me out of there. la guardia did that. he reacted and had results within six months his results started. fabulous and by gosh the guy did what he said. >> what message do you think the president is not getting from the business community? >> you are not keeping your promises. that's why we are so upset. when he start
there were deficits, unemployment, just like it was today, horrible. but he made a statement that changed everything. it was this. i'm going to keep my promises and if i don't keep my promises, get me the hell out of there. we want to see more politician do this. make all these promises and don't follow through. if they did that, i have a thing called accountabilitycampaign.com where you say what your promises are. and add a small paragraph, i will do it my first year, start it my first year...
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Dec 5, 2012
12/12
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but anyway, the deficit is clearly not going to achieve getting rid of that in a five-year period. many estimates believe that in 2013-2014, the next fiscal year, it's going to be around 7%. that's better than the 11% inherited by this government, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing in the right direction. he thought it was going to peek around 75%, 75%. it looks like it could go up even further. so let's see what he says on that front today. in terms of options, he has very few options indeed because this is a government which as we know has set its fallout on plan a. and yet, are we seeing real austerity? i'm not entirely sure. government borrowing this fiscal year so far in the five months that we have figures for already is 26.7% higher than the same period a year ago. the idea originally this year was for flat spending and then getting it down there after. and he's
but anyway, the deficit is clearly not going to achieve getting rid of that in a five-year period. many estimates believe that in 2013-2014, the next fiscal year, it's going to be around 7%. that's better than the 11% inherited by this government, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing...
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Dec 5, 2012
12/12
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last year the deficit was 7.9%. this year with the apf coupons it is forecast to be 6.9%, but that excludes the aspect of the royal mail pension access. it will fall to 5.2% the year after, 4.2 president in 2015-'16, before reaching 1.6% in 2017-'18. in 2009-'10 the country was borrowing 159 billion pounds. this year we are borrowing 108 billion pounds. that is forecast to fall to 99 billion next year, 88 billion the year after, then 73 billion in 2015-'16 and 49 billion and 31 billion in the two years around that. these are the central forecasts published by the opr with the asset purchase facility cash transfer included. when the transfer is excluded, as we show in the document, the deficit also falls from 7.9% last year to 7.7% this year, then 6.9% next year and falls in every single year after that. and cash borrowing falls in every year as well. now, there are those who have been saying that the deficit was going up this year. indeed, i think i heard it in prime minister's questions. but any way you present the
last year the deficit was 7.9%. this year with the apf coupons it is forecast to be 6.9%, but that excludes the aspect of the royal mail pension access. it will fall to 5.2% the year after, 4.2 president in 2015-'16, before reaching 1.6% in 2017-'18. in 2009-'10 the country was borrowing 159 billion pounds. this year we are borrowing 108 billion pounds. that is forecast to fall to 99 billion next year, 88 billion the year after, then 73 billion in 2015-'16 and 49 billion and 31 billion in the...
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Dec 7, 2012
12/12
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we needed more aggregate demand, deficit spending, we needed public worse an easy money policy. that is what the economy needed. i think our problem is we didn't get enough. >> eliot: it's fascinating you articulated this way. judge poser was an iconic voice within the chicago school of economic supply. he went through the same transformation saying different circumstances call for different responses. you don't disavow of word of margenal rates. >> that's exactly right. i don't understand this idea of cocky cutter economics where you simply do the same thing regardless of circumstances. you analyze the data, look at the economy, you come up with policies that are appropriate. >> eliot: now, you have been a rather harsh critic of the way the second president bush ran the economy basically saying he disa vowed principles and put in place massive spending without caring about deficits at all. you were there. what happened as you saw this and did you push back? >> oh, yes i wrote a book called imposter, president bush destroyed the economy. which got me fired from my think tank job
we needed more aggregate demand, deficit spending, we needed public worse an easy money policy. that is what the economy needed. i think our problem is we didn't get enough. >> eliot: it's fascinating you articulated this way. judge poser was an iconic voice within the chicago school of economic supply. he went through the same transformation saying different circumstances call for different responses. you don't disavow of word of margenal rates. >> that's exactly right. i don't...
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Dec 7, 2012
12/12
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and by the way, they were a million% wrong on the deficit. it balanced the budget. not only balanced the budget, it gave us a $236 billion surplus. how do you like that for results? and that's what happened the last time we raised taxes on the upper bracket. so when they tell you the same old lies this time around, there is absolutely no reason to believe it. in fact, there is overwhelming evidence against it. so undeterred, they of course go on none the less. if you're not convinced let me give you more evidence. look at this chart that i'm going to show you. this is economic growth. in 1991, george h.w. bush does a tax increase. obviously it's going to go down. let's see what happens. >> whoa. >> wait a minute, economic activity and the economy boomed. clinton in 1993 did another tax increase. then it must have crashed right? let's see what happens. whoa, it went up again. interesting, right? then of course, we have a bubble in terms of the tech crash you remember in 2000. it went down a little bit, but then we had a tax cut in 2001 under george w. bush. after the
and by the way, they were a million% wrong on the deficit. it balanced the budget. not only balanced the budget, it gave us a $236 billion surplus. how do you like that for results? and that's what happened the last time we raised taxes on the upper bracket. so when they tell you the same old lies this time around, there is absolutely no reason to believe it. in fact, there is overwhelming evidence against it. so undeterred, they of course go on none the less. if you're not convinced let me...
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Dec 7, 2012
12/12
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the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after the election, because they're not talking about enough spending and entitlement cuts, what you hear is defending tax cuts for the rich. in other words, the gop is becoming the party of rich people and that's not where they ought to be. >> the problem is marketing. and republicans have had a big problem with marketing since the ronald reagan days. they need to get on the ground and talk about how these tax cuts affecting the rich will affect the middle class. democrats have been getting away with saying that the rich are the ones who need to
the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after...
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Dec 5, 2012
12/12
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should you say you're cutting the deficit $800 billion? the real issue is this. if we're going to get serious about negotiating, okay? we can have programs that aren't on the books anymore now, i understand that we're not spending that money, but when you come to the table to rise above for a compromise, don't bring me air and say, see? i'm not spending this, so it's a savings. it's only a saving when you hear the scissors cutting through it, carl. so people need to get real on both sides of the aisle and address real, not baseline, real savings by cutting spending. back to you. >> rick, is that real money you're cutting up down there? >> you know what? even though this is one of the last bastions of capitalism, those were not real benjamin frank lynn. so, see? i'm ready for negotiation. put me on the team. i just did a lot of cuts that mean nothing. boy, how much did i save us over ten year. >>> thank you, rick. more santelli in the third hour. >>> still ahead, of course, live coverage of president obama's remarks on the fiscal cliff and the negotiations before
should you say you're cutting the deficit $800 billion? the real issue is this. if we're going to get serious about negotiating, okay? we can have programs that aren't on the books anymore now, i understand that we're not spending that money, but when you come to the table to rise above for a compromise, don't bring me air and say, see? i'm not spending this, so it's a savings. it's only a saving when you hear the scissors cutting through it, carl. so people need to get real on both sides of...
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. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has a specific proposal to achieve $600 billion in savings from entitlement programs like health care entitlement programs. >> jay compared republican pressure on the debt ceiling to a hostage taking. >> a profoundly bad idea that i think could not be more frightening for american businesses, and american workers. >> treasury secretary tim geithner may have frightened people yesterday saying the white house is prepared to go off the fiscal cliff unless republicans bend on taxes. a comment by former democratic potential candidate howard deen frighted republicans that the debate is not just a
. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has...
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being critical of our candidates but they talked about how dire the circumstances are with our economy deficits but they put forward a plan that did not change entitlement for 10 years, if we're in a dire point, how can you say that -- they -- we did not make -- we made the case there is a problem. but they look add solution, they said it can't be too big of a problem if you are waiting 10 years to solve it. neil: rick santorum, always a prez eapleasure senator. hardest working senator. >> hard work does payoff, it does. neil: just a few moments, senator jim demint on why he is taking a sprint. is the tea party's loudest voice in the senate leaving the tea party high and dry? he is hereafter this i'm only in my 60's... i've got a nice long le ahead. big plans. medicare doesn't pay all my medical eenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you' eligible for medare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement iurance plan, insured by
being critical of our candidates but they talked about how dire the circumstances are with our economy deficits but they put forward a plan that did not change entitlement for 10 years, if we're in a dire point, how can you say that -- they -- we did not make -- we made the case there is a problem. but they look add solution, they said it can't be too big of a problem if you are waiting 10 years to solve it. neil: rick santorum, always a prez eapleasure senator. hardest working senator....
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Dec 4, 2012
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it's a ten-year framework that cuts the deficit by $2.2 trillion. it includes $600 billion in health care cuts-- mostly medicare and medicaid-- $300 billion in other mandatory spending and $300 billion in cuts to all other federal spending. by contrast, the president has proposed around $600 billion in cuts to all entitlements, including medicare and he'd reduce other federal spending by $100 billion a year. the president has also proposed spending $50 billion in new stimulus and republicans have refused to consider it. the biggest difference by far is in how to raise new revenues. republicans would raise $800 billion by reducing tax loopholes, not with a tax rate increase. the president would double new revenues to $1.6 trillion, with most of that coming from higher taxes on households making more than $250,000. the president and his negotiators have told republicans there won't be a fiscal cliff deal without that tax increase. the white house today dismissed that counteroffer as nothing new and urged republicans to "get serious about the fiscal cl
it's a ten-year framework that cuts the deficit by $2.2 trillion. it includes $600 billion in health care cuts-- mostly medicare and medicaid-- $300 billion in other mandatory spending and $300 billion in cuts to all other federal spending. by contrast, the president has proposed around $600 billion in cuts to all entitlements, including medicare and he'd reduce other federal spending by $100 billion a year. the president has also proposed spending $50 billion in new stimulus and republicans...
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Dec 4, 2012
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you're not going to -- >> i'm also a deficit hawk, joe. >> you are a deficit hawk. and, howard, i know obama won the election, but in this country you need the house to vote on something to make it law, and if they just say no the 39.6 on the high end, if you just let -- go over the cliff, it's going to 39.6. there would be in discussing it. it's going there. >> let's be fair about this. i mean, what i'm proposing is not -- neither the republicans nor the democrats like. because not only does it go to 39.6 on the wealthy which i support, but it also goes back to what people were paying when bill clinton was president for the middle-class and the truth of the matter is no matter what people said in the election, you cannot solve this deficit problem without everybody paying more taxes not just rich people. >> you can go to 100% and not 39.6. you'd like to in a perfect world, i know you, you would like to go to 100%. but you're not going to be able to do that. >> only on television personality. >> you go from raising, like, $80 billion a year which on a trillion dolla
you're not going to -- >> i'm also a deficit hawk, joe. >> you are a deficit hawk. and, howard, i know obama won the election, but in this country you need the house to vote on something to make it law, and if they just say no the 39.6 on the high end, if you just let -- go over the cliff, it's going to 39.6. there would be in discussing it. it's going there. >> let's be fair about this. i mean, what i'm proposing is not -- neither the republicans nor the democrats like....
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Dec 6, 2012
12/12
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as it stand today, ow deficit and debt are unsustainable. last year we ran a budget deficit of well over $1 trillion and we now have a national debt that exceeds $16 trillion. if we don't get these numbers under control, interesting payments will inevitably skyrocket, taking up a larger and larger percentage of our budget, until they crowd out other critical pro-growth investments in our country's competitiveness and the essential social safety net that puts a circle of protection around the most vulnerable in our country. and, madam president, i don't believe either one of us wants to put those two vital things at risk venal whe. when the budget is so out of rick, we have to take a look at the money coming in and going out of the only way to get back on track is to address both sides of the equation -- revenue and spending. we have to find a balanced solution that combines tough spending cuts with reforms to our tax code that bring in more revenue while also ensuring fairness to taxpayers. there is, madam president, real momentum, i believe
as it stand today, ow deficit and debt are unsustainable. last year we ran a budget deficit of well over $1 trillion and we now have a national debt that exceeds $16 trillion. if we don't get these numbers under control, interesting payments will inevitably skyrocket, taking up a larger and larger percentage of our budget, until they crowd out other critical pro-growth investments in our country's competitiveness and the essential social safety net that puts a circle of protection around the...
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Dec 3, 2012
12/12
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david, how much of the deficit, if we let the bush tax cuts sunset, how much of the deficit goes away? >> well, a significant percentage. >> like three quarters of it. >> it's not a good thing to do. it's going to push us back. >> when is it a good time? >> we need a down payment of both revenue and spending reductions, but we need to achieve four to five trillion over ten years through a grand bargain and we have to make sure that we're going to achieve a lot more than that beyond the ten years because we have 10,000 people a day retiring. health care costs are still out of control and we have to look long-term. that's why we say debt to gdp. >> somebody just sent in a really good question. that is with the president's health care plans, with obama care, does that change the debt to gdp in terms of taxes going up? >> it makes it worse. >> it's already going up. >> the affordable care act expanded cover an to 36 million people. it did not do enough to control costs. there are positive aspects of it, but according to the chief actuary of medicare, it's estimated to cost $12 trillion mo
david, how much of the deficit, if we let the bush tax cuts sunset, how much of the deficit goes away? >> well, a significant percentage. >> like three quarters of it. >> it's not a good thing to do. it's going to push us back. >> when is it a good time? >> we need a down payment of both revenue and spending reductions, but we need to achieve four to five trillion over ten years through a grand bargain and we have to make sure that we're going to achieve a lot more...
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being critical of our candidates but they talked about how dire the circumstances are with our economy deficits but they put forward a plan that did not change entitlement for 10 years, if we' in a dire point, how can you say that -- they -- we did not make -- we made the case there is a problem. but they look add solution, they said it can't be too big of a problem if you are waiting 10 years to solve it. neil: rick santorum, always a prez eapleasure senator. hardest working senator. >> hard work does payoff, it does. neil: just a few moments, senator jim demint on why he is taking a sprint. is the tea party's loudest voice in the senate leaving the tea party high and dry? he is hereafter with the spark miles card from capital one, thor gets great rewards for his small business! your boa! [ rth ] thor's small business earns double miles on every pchase, every day! ahh, the new fabrics. put it on my spark card. ow. [ garth ] why settle for less? the spiked heels are working. wait! [ garth ] great businesses deserve great rewards. [ le announcer ] the spark business card from capital one. choose
being critical of our candidates but they talked about how dire the circumstances are with our economy deficits but they put forward a plan that did not change entitlement for 10 years, if we' in a dire point, how can you say that -- they -- we did not make -- we made the case there is a problem. but they look add solution, they said it can't be too big of a problem if you are waiting 10 years to solve it. neil: rick santorum, always a prez eapleasure senator. hardest working senator. >>...
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Dec 10, 2012
12/12
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the deficit's declined in the last three years and tax revenues are rising. spending has been flat for the last two and a half years so the pressure is moving in the right direction. the worry for me is if you raise taxes and cut spending now you're going to knock back growth and prevent that acceleration in revenue. you've got gdp growth up to 3 or 3.5, the revenue implications are enormous. because revenue tends to spike -- >> and nobody believes it. that's the problem. we're into this world where we may spend, and we may even have a pop from government spending. it's never sustained. and all it creates is this huge discussion which underminds business confidence of how we're going to pay for the debt. we have exposed, i think, the achilles heel of keynesian economics. >> i broadly agree with you. in 2008, 2009, i think the fiscal stimulus made a lot of sense. but i think that we're at a point now where the economy is strong enough that we need to get started on the fiscal adjustment. we've got to make sure it's not too many. i'd say something on the order
the deficit's declined in the last three years and tax revenues are rising. spending has been flat for the last two and a half years so the pressure is moving in the right direction. the worry for me is if you raise taxes and cut spending now you're going to knock back growth and prevent that acceleration in revenue. you've got gdp growth up to 3 or 3.5, the revenue implications are enormous. because revenue tends to spike -- >> and nobody believes it. that's the problem. we're into this...
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Dec 8, 2012
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and under this president he's run up $7 trillion in deficits. he's averaged a deficit of 9% of gdp. george bush was 2% to 3% of gdp. so, you know, i think the discussion is is it really a tax problem or a tax and a spending problem? if we agree it is spending, let's start to talk about some of the spending. >> where will the compromise come, though? is there room to compromise on the tax percentage, or if you do the sliding scale and move it from the 250,000 benchmark to 500,000 income earnings benchmark. >> i think the discussion the speaker advanced which matches what the president talked about in terms of his campaign of $800 billion in new revenues, getting there through less deductions is on the table. at this point we want to see, mr. president you show us yours and we'll show us ours. these negotiations go step by step closer and closer. i do agree with an early panelist that said the president probably wants to be a little bit freer from his base and so does the speaker to some degree. we are very interested in the spending cuts, and i can tell you that if the president give
and under this president he's run up $7 trillion in deficits. he's averaged a deficit of 9% of gdp. george bush was 2% to 3% of gdp. so, you know, i think the discussion is is it really a tax problem or a tax and a spending problem? if we agree it is spending, let's start to talk about some of the spending. >> where will the compromise come, though? is there room to compromise on the tax percentage, or if you do the sliding scale and move it from the 250,000 benchmark to 500,000 income...
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now they're moving to a deficit of 16.3 billion is the projection. that sound pretty bleak to me. what happened? >> well, you know we're talking about a portfolio of well over a trillion dollars. and $16 billion is a huge number but it is really driven by the fact that house prices are not recovering as quickly as previously thought. and one thing that is very interesting in this acutarial is actually the loans originated in 2010, 11 and 12 are expected to be profitable and actually help the fund. but it is loans that were done during the really bad years in this country before the housing crisis that are continuing to have the shadow effect on the fha portfolio and that what's driving this loss expectation just recently released and secretary donovan talked about today. melissa: there is evidence they continue to make bad bets going forward. this is part of this program to help people buy houses and help people who have low fico scores and who have had problems in their past. maybe their way of doing business, and you're someone who sat at the helm for a long time, maybe their wa
now they're moving to a deficit of 16.3 billion is the projection. that sound pretty bleak to me. what happened? >> well, you know we're talking about a portfolio of well over a trillion dollars. and $16 billion is a huge number but it is really driven by the fact that house prices are not recovering as quickly as previously thought. and one thing that is very interesting in this acutarial is actually the loans originated in 2010, 11 and 12 are expected to be profitable and actually help...
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Dec 7, 2012
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. >> what the president has said is we need $1.6 trillion as part of an overall deficit reduction plan, because if you don't get those additional revenues, but you also try and reduce the deficit, you end up whacking everybody else much harder. and so, it's really important to have that revenue number as high as possible. >> sure. >> look, the president's already been clear, ed. on cuts, he will continue to implement over the next ten years over $1 trillion in cuts that he agreed to as part of the budget control act, 100% cuts. and at the time, he said we've got to come back and do revenue. he "life & style weeklalso call billion in cuts and laid out exactly what those should be. >> catch "the ed show" here at 8:00 p.m. eastern on msnbc, the place for politics. >>> well, new jersey governor chris christie is making a personal plea for federal disaster aid in the wake of hurricane sandy. the republican governor paid an unannounced visit to the white house to ask the president for $83 billion in aid for new jersey, new york and connecticut. he also met with members of congress. it was th
. >> what the president has said is we need $1.6 trillion as part of an overall deficit reduction plan, because if you don't get those additional revenues, but you also try and reduce the deficit, you end up whacking everybody else much harder. and so, it's really important to have that revenue number as high as possible. >> sure. >> look, the president's already been clear, ed. on cuts, he will continue to implement over the next ten years over $1 trillion in cuts that he...
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as i've indicated, the only way to get the kind of revenue for a balanced deficit reduction plan is to make sure that we're also modestly increasing rates for people who can afford it. folks like me. just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. >> the concerted effort from the white house is very clear. here's white house press secretary jay carney. >> what will produce a deal is an acknowledgement by republicans, republican leaders, that rates on the top 2%, the wealthiest americans, have to rise. there is no deal without that acknowledgement, and without a concrete, mathematically sound proposal -- >> but speaker boehner still insists he can get the revenue without raising rates? >> now, the revenues we're putting on the table are going to come from guess who? the rich. there are ways to limit deductions, close loopholes, and have the same people pay more of their money to the federal government without raising tax rates, which we believe will harm our economy. >> some conservatives just can't stand hear
as i've indicated, the only way to get the kind of revenue for a balanced deficit reduction plan is to make sure that we're also modestly increasing rates for people who can afford it. folks like me. just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. >> the concerted effort from the white house is very clear. here's white house press secretary jay carney. >> what will produce a deal is an acknowledgement by...
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Dec 4, 2012
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governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that even though at one point bowles endorsed a blueprint like this, he's trying to distance himself from it right now. >> the president got re-elected. he's claiming he got re-elected in part because he wants to tax that 2%. he cannot go back on that. in the meantime, congress most of the republicans signed the grover norquist pledge which says you cannot tax that 2% more than anybody else. you can't increase the taxes. so we're at a stalemate and someone has to give and i don't see anyone giving right now. >> bank of america today commented on the let's jump crowd. the bungee jump crowd for which they think is a scenario. >> you wonder how much of that is in negotiating position. embraced early on by senator schumer, new york
governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that even though at one point bowles endorsed a blueprint like this, he's trying to distance himself from it right now. >> the president...
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Dec 3, 2012
12/12
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it has no effect on deficit. it will have no effect on rescuing us and i think republicans ought not play that game. it doesn't help the economy. >> stephanie: how many times can we -- can it be said and proven the deficits were caused by the bush tax cuts? >> so obama created this whole fiscal cliff for an election issue. the amazing thing is no one talked about this during the campaign. it was the day after the election that suddenly d.c. and the d.c. press was abuzz about the fiscal cliff. this wasn't a campaign issue. no one even talked about it. >> stephanie: right. >> the idea that this is all obama's fault. it has nothing to do with the $3 trillion war paid for with taxes. >> stephanie: eric boehlert remains in the sidecar. we continue with right-wing world next on "the stephanie miller show." >> announcer: it's really weird but it's also the coolest thing i've ever heard in my whole life. >> announcer: it's "the stephanie miller show." that viewers like about the young turks is that we're honest. they can
it has no effect on deficit. it will have no effect on rescuing us and i think republicans ought not play that game. it doesn't help the economy. >> stephanie: how many times can we -- can it be said and proven the deficits were caused by the bush tax cuts? >> so obama created this whole fiscal cliff for an election issue. the amazing thing is no one talked about this during the campaign. it was the day after the election that suddenly d.c. and the d.c. press was abuzz about the...
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. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600 billion in savings from our entitlement programs. including our healthcare entitlement program. jay carney went so far to compare republican pressure on debt creeling to hostage taking. >> this is a profoundly bad idea that i think could not be more frightening for american businesses. and american workers. >> of course, treasury secretary geithner it go may have also frightened people yesterday. by telling cnbc the white house is prepared to go off the fiscal cliff, unless the republicans bend on taxes. comment by former democratic presidential candidate howard dean frightened republics that
. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600...
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Dec 6, 2012
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. >> the percentage of your debt -- not the deficit to gdp? >> deficit to gdp. now, we do not want to get there that way. the same way we do not want to go over the fiscal class. the fiscal cliff is big austerity -- you get $seven trillion in deficit reduction over 10 years. but you do not do it you really want to do it. when it comes to the baseline, you have to work together as part of an agreement to get to the right baseline. that does not mean it is not real world deficit-reduction. it is. does it mean it is better than current law? maybe not. but there is agreement that current law, including the fiscal cliff, is not the best way. >> we have our baseline. deficit to gdp? >> did i say that? >> just to be clear -- if you look to the 10-year period on the current base line and get under 1% deficit to gdp in 10 years -- >> because you get seven years of debt reduction under current law. >> if anyone wants to read more, please read the piece on what it takes. i thank you all for being here today. one reason we have to and is these poor people will be so instrum
. >> the percentage of your debt -- not the deficit to gdp? >> deficit to gdp. now, we do not want to get there that way. the same way we do not want to go over the fiscal class. the fiscal cliff is big austerity -- you get $seven trillion in deficit reduction over 10 years. but you do not do it you really want to do it. when it comes to the baseline, you have to work together as part of an agreement to get to the right baseline. that does not mean it is not real world...
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Dec 4, 2012
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balanced deficit reduction package that will do enormous good to our economy. and the kind of package that i should not leave out, that includes targeted investments so our economy continues to grow and create jobs. it would, as i said on a number of occasions, deficit reduction in an of itself is not a goal, it should be part of an economic plan is that is focused on economic growth and job creation. the president is very focus odden that. >> just a second ago, you referred to, when talking about the debt ceiling, taking it off the table, to be part of the deal. you referred to the economy being held hostage. you're aware that president obama voted against -- >> we addressed that. there was no threat of default at the time. what happened in 2011, as we all know because we all lived it, most of us in this room, was the threat of default, a willingness expressed by many to see the american economy under default and with all the consequent impacts on the global economy and on the american middle class. . in order to do that and was enormously damaging to consumer
balanced deficit reduction package that will do enormous good to our economy. and the kind of package that i should not leave out, that includes targeted investments so our economy continues to grow and create jobs. it would, as i said on a number of occasions, deficit reduction in an of itself is not a goal, it should be part of an economic plan is that is focused on economic growth and job creation. the president is very focus odden that. >> just a second ago, you referred to, when...
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Dec 3, 2012
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. >> that is erskine bowles, who along with alan simpson shared the deficit reduction commission a couple of years ago. they are both in town trying to pound a sense at into elected leaders. evan thomas has been out of town promoting his book, "ike's bluff." terrific christmas present. >> thank you. >> as i recall, we were having the same composition we are having now. >> like groundhog day. talk about bluffing -- they will be complete unreasonable until the last second where they agreed. while they are bluffing, we could go over the cliff. >> where are we headed, mark? >> one side says that raising tax rates is an example, the other side says we will not balance the budget on the backs of students and seniors without asking those who make as much as i do not to pay another diamond. we are in the chest thumping a stage of this negotiation. we are interested in the product rather than the process. the process does the fact of the product and you don't want hostilities to make the final product unreachable. >> nina, there were a bunch of c.l.'s in town saying please do something so we can p
. >> that is erskine bowles, who along with alan simpson shared the deficit reduction commission a couple of years ago. they are both in town trying to pound a sense at into elected leaders. evan thomas has been out of town promoting his book, "ike's bluff." terrific christmas present. >> thank you. >> as i recall, we were having the same composition we are having now. >> like groundhog day. talk about bluffing -- they will be complete unreasonable until the...
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they have been able to reduce the deficits. tax increases have been able to stick around for a while. may be a democrat will pass a tax increase and then 15 years later a republican will cut it again. host: rachel in texas. caller: hello. i have two questions to ask. the expense it cost them to move overseas? can that be used as a deductible? our representatives are part of the 47%. what does that cost the taxpayers in taxes? what part of our taxes is paid in their insurance? guest: the answer to the first businessess that this are supposed to deduct all other expenses and that could include closing down a factory and opening up a factory overseas. it will include anything. so democrats have proposed a little change to the tax law which would prevent companies from being able to do that but it would raise that much money, unfortunately. i'm sorry about the other question about health insurance for lawmakers. host: thomas in winter park, florida. caller: good morning. thank you for taking my call. the current tax code is a desce
they have been able to reduce the deficits. tax increases have been able to stick around for a while. may be a democrat will pass a tax increase and then 15 years later a republican will cut it again. host: rachel in texas. caller: hello. i have two questions to ask. the expense it cost them to move overseas? can that be used as a deductible? our representatives are part of the 47%. what does that cost the taxpayers in taxes? what part of our taxes is paid in their insurance? guest: the answer...
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Dec 4, 2012
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fewer jobs, larger deficit. as i said last night, it doesn't matter, we can pick our stocks and buy them down. ulta salons, but i want to suggest to other groups that are going to give you bang for the buck, betting that the hope will be squeezed out and the bottom gets put in before a deal is made. why not? we know the auto market is for 11 years now and we have been sweet on ford domestically. what are some of the other key areas. asia already turned. i think europe could be stablized. ford is the one to watch. i'm out blessing it. in europe i'm thinking that i'm excited about ford. we have ample evidence today that i'm right. the rates remained too low. and pricing is moving up in california, nevada, arizona all things we learned from the luxury home builder toll today. that is fine. but what i hadn't heard is a demographic play, how the demographics are going to take over. household formation is unnatural and because of the great resection. well, from the delay of creation of new families, which is highly un
fewer jobs, larger deficit. as i said last night, it doesn't matter, we can pick our stocks and buy them down. ulta salons, but i want to suggest to other groups that are going to give you bang for the buck, betting that the hope will be squeezed out and the bottom gets put in before a deal is made. why not? we know the auto market is for 11 years now and we have been sweet on ford domestically. what are some of the other key areas. asia already turned. i think europe could be stablized. ford...
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Dec 7, 2012
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social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income families? >> so the deal that we're talking about is halfway between the current rate and the former rate? >> well, i wouldn't say halfway. but i would say, as long as you can get to the revenues, if you can increase the rates and reduce the deductions for upper income households, you can get to the same dollar number and i think there's a willingness to entertain that. it does tend to complicate the tax code. the simplest way is simply to raise the tax rates up to the clinton levels and, you know, we do have a strong interest in simplifying the tax code
social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income...
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Dec 7, 2012
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it makes the deficit better. it would go a long way toward curing the deficit, but the deficit isn't the immediate problem for most people, the weak economy is. >> i agree. >> and if we dive off the fiscal cliff, the economy could get much weaker. that's -- >> by the way -- >> -- millions of americans. it's a problem for barack obama. >> just to back you up, i really think the great thing is the economy is just starting to lift up a. the unemployment rate is really starting to come down. we're getting good job production. thank you so much, ladies, for coming on tonight. thanks for the sharp thinking we got tonight. >>> up next, if you can't win by the rules, change then. that's what republicans are trying to do in pennsylvania. they don't like the lerer toal college because it didn't work for them. come back for the place for politics. derate alzheimer's, you'll also care about our new offer. you get access to nurses who can help with your questions. and your loved one can get exelon patch free for 30 days. if t
it makes the deficit better. it would go a long way toward curing the deficit, but the deficit isn't the immediate problem for most people, the weak economy is. >> i agree. >> and if we dive off the fiscal cliff, the economy could get much weaker. that's -- >> by the way -- >> -- millions of americans. it's a problem for barack obama. >> just to back you up, i really think the great thing is the economy is just starting to lift up a. the unemployment rate is really...
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Dec 10, 2012
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any major structural changes to these programs. we will not block grant medicaid, and we wi
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are...
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deficit and on the fiscal cliff negotiations. this is where the rubber meets the road. this is where it's actually happening at the state level. at the local level. this is where all of that money that was released into the political system by citizens united is actually now paying off. >> yeah, and that is what's frightening nationwide because citizen's united opens the door everywhere. and we're seeing them searching for a model on how to do this. that is why even the detroit free press, in an editorial, and, again, this is a paper that had endorsed governor snyder two years ago. it says the right to work champions, the determination to emasculate once and for all the democratic parties most reliable source of financial and organizational support. now, senator, let me say this to you. if they can get away with it in michigan, michigan has 671,000 union members, 17.5% of the work force, fifth highest in the nation. if they can get away with it in michigan, they feel they can just steam roll all over the country. >> i think every
deficit and on the fiscal cliff negotiations. this is where the rubber meets the road. this is where it's actually happening at the state level. at the local level. this is where all of that money that was released into the political system by citizens united is actually now paying off. >> yeah, and that is what's frightening nationwide because citizen's united opens the door everywhere. and we're seeing them searching for a model on how to do this. that is why even the detroit free...
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Dec 6, 2012
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the deficit is down. borrowing is down. jobs are being created. it is a hard road, but we are making progress. everything that we do, we are helping those who want to work hard and get along. thank you. [cheers] [cheers] >> mr. speaker, today after 2.5 years, we can see and people can feel in the country the scale of this government economic failure. [cheers] our economy this year is contracting. the conferred government borrowing is revised this year and every year. the national deficit is not rising. excuse me, it is rising, it is not falling. [cheers] i will say again that our economy is contracting this year. government rowling is revised up and the national debt is rising. it is not falling. there are people struggling to make ends meet. middle and lower income families who are paying the price. where millionaires get a tax cut and a 3 billion-pound welfare handout to the people who need it. let me spell out the facts. you might learn something. [cheers] [applause] [cheers] >> in june of 2010, our economy would grow by 2.8% this year. in marc
the deficit is down. borrowing is down. jobs are being created. it is a hard road, but we are making progress. everything that we do, we are helping those who want to work hard and get along. thank you. [cheers] [cheers] >> mr. speaker, today after 2.5 years, we can see and people can feel in the country the scale of this government economic failure. [cheers] our economy this year is contracting. the conferred government borrowing is revised this year and every year. the national deficit...
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Dec 5, 2012
12/12
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fewer jobs, larger deficit. not smaller. and the federal reserve that's throwing up its hands, can't do anything. as i said last night, it doesn't matter. we can pick our stocks and buy them down. like the fabulous names, amazon, ulta salons. buy them down in scales like i outline in the book "real money." now suggesting other groups giving you a bang for the buck. new groups betting that the hope will be squeezed out and the bottom gets put in before a deal is made -- or not. why not? we know the auto market is for 11 years now and we have been sweet on ford domestically. before sandy. where are we internationally? europe. what are some of the other key area, though? i think latin america, though. i think it's coming back. asia already turned. here's the new piece of data. i think europe could be stablized. ford is the one to watch. you get that thing at 11 or blow. i'm out blessing it. haven't done that in a while. in europe i'm thinking that i'm sanguine. excited about ford. we have ample evidence today that i'm right. af
fewer jobs, larger deficit. not smaller. and the federal reserve that's throwing up its hands, can't do anything. as i said last night, it doesn't matter. we can pick our stocks and buy them down. like the fabulous names, amazon, ulta salons. buy them down in scales like i outline in the book "real money." now suggesting other groups giving you a bang for the buck. new groups betting that the hope will be squeezed out and the bottom gets put in before a deal is made -- or not. why...
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Dec 8, 2012
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learned that, you know, you do need revenue and the only way you're going to get revenues or get to the deficit number they want is to have both revenues and spending cuts. the only way to get the spending cuts and entitlements from the president they want is to give him some political revenues. >> when john boehner made his offer there were signatures of all the republican leaders on that letter, including cantor and paul ryan, viewed as a future presidential candidate among republicans. so by locking down those signatures on that $00 billion of new taxes, he's blocked those guys from opposing him. very savvy. >> did anybody phone some of the quemplets offer the budget committees? >> he did in order to demonstrate his power. gain bah boehner has been here a long time. he saw the coup attempt to speaker gingrich by members of his old party. he knows he has to hold those people together to negotiate with the president. he saw a little bit of wiggle room earlier with jim demint coming out earlier and said he thought the tax offer was an outrage. from the right you can see the speaker tamping that
learned that, you know, you do need revenue and the only way you're going to get revenues or get to the deficit number they want is to have both revenues and spending cuts. the only way to get the spending cuts and entitlements from the president they want is to give him some political revenues. >> when john boehner made his offer there were signatures of all the republican leaders on that letter, including cantor and paul ryan, viewed as a future presidential candidate among republicans....
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we are facing huge deficits and a looming fiscal cliff. i want to come out and say this and help the president get this? >> i use the word patriotism. when i was a kid i grew up in two u.s. internment camps. in the swamps of arkansas. we lived in california. >> you were hauled out there. >> to arkansas and later transferred to another one in northern california. but we were there because we happened to look like the people that bombed pearl harbor. a year into it the government realized there was a wartime manpower shortage. and when the military was opened up. thousands of young japanese americans went to fight for this country. they were put into a segregated unit and fought on the bloody battlefields in europe. and came back the most decorated and exercised something that was very important. they did it for their family certainly, but for the greater good because they loved america. they sacrificed themselves and many many perished on those fields and that is the kind of situation we are faced with now and those republicans can't seem t
we are facing huge deficits and a looming fiscal cliff. i want to come out and say this and help the president get this? >> i use the word patriotism. when i was a kid i grew up in two u.s. internment camps. in the swamps of arkansas. we lived in california. >> you were hauled out there. >> to arkansas and later transferred to another one in northern california. but we were there because we happened to look like the people that bombed pearl harbor. a year into it the...